HC Deb 02 May 1889 vol 335 cc969-70

asked the Chancellor of the Exchequer if he will state the amount received from the one shilling per cent stamp duty on bonds and shares to bearer from 1st July, 1888, to 31st December, 1888, and the amount so received from 1st January to 31st March, 1889; whether the receipts from this source are likely to decline in consequence of the issue of fully-stamped bonds in lieu of old bonds converted or paid off; and whether, in view of the small and possibly declining revenue from this duty, and of the great trouble and inconvenience entailed by affixing so many adhesive stamps, he will see the advisability of substituting a small pro rata tax on brokers' contracts for the purchase and sale of such securities to bearer?


Since I made my Financial Statement the results of the last quarterly stamp stocktaking have been received, and they somewhat modify the estimate then given by me iu a direction favourable to the revenue. The receipts from the 1s. per cent stamp duty on bonds to bearer were from the 1st of July to the 31st of December, 1888, £66,600; from the 1st of January, to the 31st of March, 1889, £45,400, making a total of £112,000. The figures from January to March are still only an approximate estimate; but there is no longer room for much variation. I do not think that a decline in this duty is likely to take place. On the one hand, no doubt, bonds subject to the 1s. duty are paid off; but, on the other hand, it often happens that bonds not liable to the duty are replaced by bonds which are. The substitute for this duty which is suggested by the hon. Member was fully considered last year. I think the hon. Member would find that it would be even more strongly objected to than the 1s. stamp. Such, at least, was my impression last year.